British pharmaceuticals major GlaxoSmithKline PLC (GSK) has approached India's Foreign Investment Promotion Board (FIPB) to hike stake in its domestic arm by buying 24.33% for an estimated INR6,400 crore.

According to a report by Financial Express, the proposal will come up before the meeting of FIPB on January 10. FIPB is headed by India's Economic Affairs Secretary Arvind Mayaram.

The report, citing sources, said that the Singapore subsidiary of GSK will be buying a 24.33% stake or 2.06 crore equity shares in GlaxoSmithKline Pharmaceuticals Ltd. through an open offer. GSK Pharmaceuticals is already majority owned and controlled by the GSK Group.

After purchase, the holding of the promoter group company in the Indian subsidiary will go up to 75% from the current 50.67%, Financial Express said. The proposed transaction will not result in any change in control of the Indian arm, sources said.

GSK Pharmaceuticals employs more than 5,000 people across its operations in India. It generated more than INR2,600 crore turnover in the financial year ended December 31, 2012, the report said.